Axiata Gets BNM’s Approval on Link Net Purchase, Mandatory Tender Offer Proposals

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Axiata Gets BNM’s Approval on Link Net Purchase, Mandatory Tender Offer Proposals

Axiata Group Bhd has been granted approval under Bank Negara Malaysia’s Foreign Exchange Notices (consolidated) to pay Axiata Investments (Indonesia) Sdn Bhd’s (All) portion of the purchase and mandatory tender offer (MTO) considerations pursuant to the acquisition of PT Link Net Tbk (Link Net) proposals.

On January 27, Axiata in a filing to Bursa Malaysia announced that the group and its indirect 61.48% owned unit, PT XL Axiata Tbk, were jointly acquiring 66.03% equity interest in Link Net and will carry out an MTO for the remaining 33.97% of Link Net shares for a total purchase sum of RM3.86 billion for a 100% stake.

The parties agreed to acquire Link Net equity at rupiah per ordinary share from Asia Link Dewa Pte Ltd (ALD) and PT First Media Tbk (FM).

This translates to a value of about RM3.86 billion (13.21 trillion rupiah) for the entire equity interest in Link Net.

Under the terms, All, a circular wholly-owned attachment of Axiata and XL Axiata will acquire46.03 percent and 20 percent, independently, from the combined equity interest of 66.03 percent in Link Net held by ALD and FM for RM2.55 billion (8.72 trillion rupiah).

All will also be obliged to shoulder an MTO to acquire the remaining 33.97 percent of Link Net shares pursuant to nonsupervisory conditions in Indonesia. — Bernama

Source: www.malaymail.com/

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